Alteration of objects of a credit union

(1) A credit union may, by special resolution, alter its objects, as may be required, to enable it to– (a) carry on its business more economically or more efficiently; (b) attain its main purpose by new or improved means; (c) carry on some business which under existing circumstances may conveniently or advantageously be combined with the business of the credit union; (d) restrict or abandon any of the objects specified in the rules; (e) sell or dispose of the whole or any part of the undertaking of the credit union; (f) amalgamate with any other credit union or body of persons. (2) If any application is made in writing to the Registrar by not less than fifteen per cent of the membership or twenty-five members, whichever is less, for the alteration to be cancelled, it shall not have effect unless approved by the Registrar, whose decision may be appealed to the Tribunal by either party. (3) An application under this section must be made within twenty-one days after the date on which the resolution altering the credit union’s objects was passed, and may be made on behalf of the persons entitled to make the application by such one or more of their number as they may appoint in writing for the purpose. (4) An application shall not be made by any person who has consented to or voted in favour of the alteration. 24 Credit Unions Act